Russian internet group Yandex reports $110 mln net loss in Q1

People walk near the headquarters of Yandex company in Moscow May 23, 2011. The sign reads “Yandex”. REUTERS/Sergei Karpukhin

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April 27 (Reuters) – Russian internet group Yandex on Wednesday reported an adjusted net loss of 8.1 billion roubles ($110 million) in the first quarter of this year, a week after withdrawing its 2022 financial guidance.

Yandex (YNDX.O) itself has not been targeted with western sanctions over Russia’s actions in Ukraine, but the Nasdaq-listed firm has faced a range of issues in the past few weeks, from senior management changes to European Union criticism and concerns over servicing its debt.

Yandex said the net loss was primarily due to investments in its businesses in the first two months of the year. read more

($1 = 73.7170 roubles)

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Reporting by Reuters

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